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May 13, 2021

Best Life Insurance Companies for Seniors in 2021




Seeking for the best life insurance when you get to 55 years can be very expensive compared to when you are younger. However, the good news is that there are still some companies with life insurance options for older adults.

The article is aimed at explaining some of the life insurance packages and how you can select the right insurance package and company for yourself.

Type of Life Insurance For Senior Adults

Selecting a life insurance should strictly depend on your needs and financial plans. You shouldn’t be choosing a life insurance because of someone else’s choice. Because of this, we will be looking at different types of life insurance and they include:

  • Universal life insurance
  • Burial life insurance
  • Term life insurance
  • Whole life insurance
  • Guaranteed universal life insurance
  • Annual Renewable term life insurance

Detailed explanation

Annual renewable term life insurance: This life insurance is designed for people that are at the verge of paying of mortgage or retire and are really interested in bridging any gap. Please note that in some cases, users of this insurance might get an increase in premiums each year.   

Term Life Insurance: This insurance provides coverage at the lowest cost. The term insurance ranges from ten to thirty years and in five year increments. The premiums are still the same for the term. For example, you can seek for 100,000 dollars’ worth of policy. If you die within the ten years, your heirs will be getting the $100,000 but If you outlive the years, your heir will not be getting anything.

The whole life insurance: This insurance type is designed to cover the rest of your life. The premiums associated with this life insurance are the same yearly. This insurance type comes with a death benefit attached to it and also an increasing cash worth that you can also take a loan against. It’s reported that this policies are complicated and expensive and you wont be able to break them even for the least 7 years.

The universal life insurance: this type of insurance has an accumulated cash value that is linked to the investment performance. If there is an underperformance with the investment, the policy goes higher. This is not a recommended insurance policy for seniors though.

Guaranteed Universal Life Insurance: This type of insurance is a hybrid of the whole and term life insurance. You can choose to have a limit on the term or have it stay until your death. You can’t borrow against this universal life insurance policy cash value. This are recommended for seniors that are interested in leaving a legacy or trying to avoid estate taxes.

Burial insurance: this is a type of insurance with a small benefit that comes with death. The benefit ranges from $5000 to $25000. This type of insurance is very expensive but will be assisting your loves ones in covering up the final expenses.

Best 5 Life Insurance Companies for Seniors

Here are some of the best life insurance company’s for senior citizens

Assurity

  • This company has an AM Rating of A-
  • Coverage begins:
  • It comes with a Coverage before 65 years and up to $50,000
  • It also comes with a Coverage after 65 which is less than $25,000
  • Offers: No exam life insurance
  • Offers an insurance type that is Best for final expenses

Foresters

  • This company has an AM Rating of A
  • It has a Coverage from 55-70 and up to $150,000
  • it also has a Coverage after 65
  • It is Best for high-risk clients with a pre-existing condition.

Lincoln Financial

  • This company has an AM Rating of A+
  • It has a Coverage from 70-95
  • it is Best for citizens with Less than perfect health

North American Company

Transamerica

  • This company has an AM Rating of A+
  • it has a Coverage to over 85
  • its Best for elderly clients

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